Landlord Tenant Screening

One common mistake many landlords make is not learning enough about security deposits. We often think that the process goes like this: name a price suitable to cover potential damages, include the price agreement in the lease, and have the tenant sign the lease and pay the deposit. Once the tenant's lease has ended, assess damages to the property, decide what amount is needed to cover damage expenses, and refund remaining amount to the tenant. The problem in this process lies in the damage withholdings. Many states require landlords to itemize the amounts withheld and do so in a specific timeframe. In these states, any amount of money retained in poor judgment by the landlord can result in penalties against the landlord. Here are a few tips to help landlords with security deposits.

Security Deposit Tip #1:
It is common for a landlord to keep an entire security deposit when a tenant breaks their lease. A landlord feels that it is justifiable to keep the deposit since the tenant did not fulfill the lease agreement. In many cases, this is illegal. A landlord is often required to make multiple attempts at re-renting the property to a new tenant. If the landlord is successful in the attempt to find a new tenant, a pro-rated amount based on the time that has passed should be reimbursed to the tenant who broke his or her lease.

Security Deposit Tip #2:
Any landlord should consider a partially deferred security deposit. A deferred security deposit simply means that a renter is given the option to pay their security deposit in installments over an established timeframe. Typically, the deposit would be collected in three to six monthly payments of the same amount each month. A partially deferred security deposit makes most sense when you have a potential tenant with good credit that lacks the finances to pay a full deposit up front. This can also help the landlord collect a higher deposit by allowing a tenant the freedom to pay in installments.

Security Deposit Tip #3:
A landlord must understand the tenant-landlord laws specific to his or her state. These laws provide clarity pertaining to the rental and residential dwellings and the rights and obligations of the tenant and landlord. These laws will cover maintenance requirements, landlord security deposits, and occupancy and access guidelines. It is in a landlord's interest and protection to know these laws, but they are often difficult to understand. To assist a landlord in comprehending the laws, it is beneficial to find a real estate attorney that is familiar with tenant-landlord laws in your state.

Landlord Security Deposit Tip #4:
Make certain you understand the complexity of the laws pertaining to the following:

• Whether or not the tenant accumulates any interest income on security deposits preserved by the landlord
• Any limitations on amounts that can be charged as a security deposit
• Whether or not a landlord is required to keep security deposits in a trust account until funds are returned to the tenant

It is the best practice to always choose a tenant that you believe will care for your property. It reduces the hassle when your property has limited or no damages and most or all of the tenant security deposit can be returned to the tenant. By processing a tenant screening with Tenant Background Search, you will learn the history of the tenant you are choosing and will have the comfort of knowing you have chosen someone who will be responsible with your property.

This entry was posted on September 15, 2015 at 10:58 AM and has received 7162 views. There are currently 0 comments. Print this entry.

If you are a landlord or property manager, your primary goal is to protect your investment. Having reliable and responsible tenants is crucial to your own success. Using effective tenant screening helps you find a good tenant who will pay rent consistently on time, not break their lease, and not damage the property. Tenant Background Search is a comprehensive tenant screening solution designed to help you secure your investment. A comprehensive tenant screening will give you a detailed report of the tenant's history, criminal records, credit score, eviction history, and much more. Tenant Background Search will help you lessen potential risk and future liability by giving you the information you need to make an informed decision regarding lining up responsible tenants for your rental properties.

Correct and Current Information to Help You Make the Best Decision
A tenant screening report from Tenant Background Search will provide you with current information on potential tenants. You will be able to verify their identity and credit, and search for a criminal background. By checking an applicant's credit report, you can see what their payment behavior is like. You can find out whether they have a history of on-time or late payments. You can also see the amount of debt they may have that could potentially affect their rent payment each month. Tenant Background Search allows you to identify high-risk tenants before you are faced with costly and stressful situations or evictions. You can also view employment summaries, past address history, and eviction history. The more information you can acquire, the better you can protect your investment by weeding out problem tenants.

By operating a reliable tenant screening process, you will also decrease your chances of being accused of practicing discrimination. If you are using the same fair criteria on all applicants, you are able to base your decision on facts and evidence and therefore avoid discrimination issues.

Tenant Background Search reports are fast, accurate, and affordable. By ordering one of our three tenant screening packages, you can eliminate time-consuming paperwork and procedures that will only slow down the entire application process. We make your job as a landlord or property manager so much easier by quickly getting you the information you need to easily select the right tenant.

Tenant Background Search Offers More Information
Tenant Background Search offers three tenant screening packages so that you are able to choose what best fits your needs and budget. Included in our basic Standard Tenant Screening package are nationwide criminal records, sex offender search, and OFAC/Patriot Act search. The Standard Tenant Screening is only a one-time fee of $19.95. Our Standard Plus Tenant Screening package includes everything offered in the Standard plus a credit report with Fico Score, bankruptcies, foreclosures, medical collections, employment summary, known aliases, past address history, and eviction history for judgments. The Standard Plus package provides you with so much more at only $22.95. For $29.95, you can order our Comprehensive Tenant Screening package which gives you a separate Nationwide Eviction Report in addition to all that is offered in the Standard and Standard Plus packages.

Tenant Background Search provides landlords and property managers with fast, easy and affordable tenant screenings. We are partnered with the largest and most reliable data warehousers to give you the most complete and accurate information available. Secure your investment today with the most trusted and established tenant screening solution in the industry.

This entry was posted on September 9, 2015 at 2:45 PM and has received 6265 views. There are currently 0 comments. Print this entry.